Business

Charlotte-based LendingTree continues its acquisition spree

Exterior image of LendingTree’s offices in the Ballantyne area of Charlotte.
Exterior image of LendingTree’s offices in the Ballantyne area of Charlotte. WWW.MICZEKPHOTO.COM

Charlotte-based LendingTree continued its acquisition spree Tuesday, announcing it has bought assets of Charleston-based Snap Capital for up to $21 million.

In the deal, LendingTree, an online marketplace that pairs borrowers with banks, is picking up an online company that connects business owners with lenders offering small business loans, lines of credit and other products.

“This transaction is consistent with our strategic plan and recent acquisitions, and we are confident it will help us scale and accelerate our small business channel,” LendingTree CEO and founder Doug Lebda said in a statement.

LendingTree’s shares were up more than 6 percent in afternoon trading Tuesday to $249.18, continuing a hot streak that dates to last November. Since the election, the shares are up nearly 200 percent, compared with a 17 percent increase in the Standard & Poor’s 500 index.

LendingTree is paying $12 million in cash at closing for Snap Capital and up to an additional $9 million in contingent payments. Since November, the company has announced four acquisitions with a total price tag of up to $213.5 million.

Rick Rothacker: 704-358-5170, @rickrothacker

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